US stock market investors have yet to be convinced by Abivax SA following its listing on the NASDAQ at the end of last week but CEO Marc de Garidel has told Scrip that the value proposition of the French biotech's inflammatory bowel disease (IBD) candidate obefazimod is strong enough to win them over.
Abivax, which is also listed on the Euronext Paris, unveiled an initial public offering and a concurrent private placement that together grossed $235.8m on 20 October. As part of the US IPO segment, it sold 18.7 million American Depository Shares at $11.60 each but the price has taken quite a slide, down to $8.74 at the close on 24 October and following a similar path to the eight companies that went public on the NASDAQ in the third quarter which subsequently lost 29% of their value on average
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